Iran Sanctions Bill Cleared by the Congressional Committee
June 27, 2007 by pulkit
A new bill, that would tighten sanctions on Iran, has been passed unanimously by the Congressional committee. It can now be presented for approval before the U.S senate. It will have far-reaching repercussions for Iran, if it was to be passed by the U.S full house and the Senate.
It also would eliminate some tax breaks for companies investing in Iran, decrease US contributions to the World Bank if the bank invests in Iran and bar a nuclear cooperation agreement with Russia if Moscow continues to assist Tehran’s nuclear program.[source]
Interestingly enough, American government agencies and privately held businesses have invested $153 billion in Iran since the turn of the millennium. The bill is part of an effort to put Iran in an economic pressure-cooker, while hoping that it wilts under the pressure. This legislation would bring about a total economic isolation of Iran and companies that have business interests in Iran. These companies along with their subsidies will loose a very affluent client in form of the U.S government.
The proposed legislation is most welcome, as Iran’s economy will feel the heat if a complete boycott of Iran is made possible. In fact, other countries should also rally against the disillusioned Mullah regime in a similar fashion.
